Hedge fund buys Legacy Golf Club for $3 million

Tampa – New York hedge fund bought Legacy Golf Club in Lakewood Ranch for $3 million. The premier course is almost 16 years old and was designed by golf legend Arnold Palmer.

The previous owner of the course, Textron Financial Corp., acquired it for its $6.7 million debt in 2009, the Sarasota Herald Tribune said. The buyer, a subsidiary of Och-Ziff Capital Management, financed the purchase with a $3.6 million loan from Bank of America (NYSE: BAC).